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<br /> � s-� 01462
<br /> Uxrnoxl�r Covravwivrs. Borcower and I.ender covenant xnd agree as follows:
<br /> 1. Payment oE Princlpal and intemG Borrower shalt prompUy pay when due the principal of and interest on the
<br /> indebtedneas evidenced by the Note, propaymeni and late charges as provided in the No[e, and t6e principal of and interest
<br /> on suy Future Advances secured by this Mortgaga
<br /> �' Z. Fmds lor Tazes and Imurance. Subject to applicabie law or to a written waiver by Lender, Borrower shall pay
<br /> to I.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full,
<br /> a sum (herein "Funda'q equal to one-twelfth of the yearly taxes and assessments which may attain priority over this
<br /> Mortgage, and ground rents on ffie Property, iF any, plus ono-twelhh of yearly premium installmrnts for hazard insurance.
<br /> � plus ono-twelfth of yearly premium installments for mortgage insurance, if any, alt as reasonably estimated initially and from
<br /> time to time by Lender on the basis of assessmenu and bills and rcuonable estimates thereof.
<br /> The Funds shali be held ia an institution the deposits or accounts of which are insured or guaranteed by a Federal or
<br /> state agency (including Leader if Lender is such an institution ) . Lender shall apply the Funds to pay said taxes, assessments,
<br /> insurance premiums and grouad rents. Lender may not charge for so holding and applying the Funds, analyzing said account,
<br /> or verifying and compiling said assessments and bills, unicss Lmder pays Borrower interest on the Funds and applicable law
<br /> permits Lender to make such a charga Borrower and Lender may agree in writing at the time of execution of this
<br /> , Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law
<br /> requirp auch interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender
<br /> � shall give to Bonower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the
<br /> purpose for which each debit to We Funds was made. 1'he Funds are pledged as additional security for the sums secured i
<br /> by this Mortgage.
<br /> If the amount of the Funds held by Lender, together with the future monthly ins[allmmts of Funds payable prior to
<br /> t6s due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, f
<br /> assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either ;
<br /> prompUy repaid to Borrower or credited to Borrower on monthly instailmenu of Funds. If the amount of the Funds �
<br /> held by Lender shalt not be suflicient to pay taxes, assessments, insurance premiums and ground rents as they fall due,
<br /> Borrower s6a1! pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed
<br /> by Lender to Borrower requesting' payment thereof.
<br /> 1 Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds
<br /> held by I.ender. If under pazagraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender
<br /> , shsll apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds hdd by
<br /> I.ender at t6e time oE application as a credit against the sums secured by this Mortgage.
<br /> i 3. Appltcatlon of Payments. Unless applicable law provides otherwise, all payments received by Lender under the
<br /> Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borsower
<br /> under paragraph 2 heroof, then to interest payabte on the Notc, then to the principai of the Note, and then to interest and
<br /> principal on any Future Advances. �
<br /> i4. Charges; Lteos. Bonower shall pay all taxes, assessmenu and other charges, fines and impositions attributable to
<br /> t6e Property which may attain a priority over this Mongage, and leasehold payments or ground rents, if any, in the manner
<br /> provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the
<br /> payce thereof. Borsower shall promp8y furnish to Lender all notices of amounts due under this paragraph, and in the event
<br /> Borrower shall make payment directly, Borrower shalt promptly furnish to Lender receipts evidencing such paymrnts. i
<br /> Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be
<br /> � required to discharge any such lien so long as Borrower shall agree in writing to the payment of the abligation secured by
<br /> '' such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defrnd enforcement of such lien in, `
<br /> � legal proceedings which operate to preveat the enforcement of the Iien or forfeiture of the Property or any part thereof. "•
<br /> . 5. Hazard Iosurnnm. Boaower shall keep the improvements now existing or hereafter erected on the Property insured
<br /> + against Ioss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require
<br /> � and in such amounts and for such periods as Lender may require; provided, that Lender shall not require thai the amount of
<br /> such coverage exceed that amount of coverage required to puy the sums secured by this Mortgage.
<br /> � The insurance carrier providing the insurance shall be chosen by Borrowcr subject to approval by Lender, provided,
<br /> : that such approval shall not be unreasonably withhetd. Alf premiums on insurance policies shalt be paid in the manner
<br /> � provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when dae, direcUy to the
<br /> insurancc carrier.
<br /> � All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage
<br /> clause in favor of and in form acceptable to L.ender. Lender shall have the righ[ to hold the policies and renewals thereof.
<br /> y aad Horrower shall prompdy furnish to Lender all renewal notices and all rcceipts of paid premiums. In the event of loss,
<br /> } Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly
<br /> F by Borrower.
<br /> � Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of
<br /> 3 the Property damaged, provided such restoration or repair is economically feasible and the security of this Mongage is
<br /> - � not thereby impaired. If such restoration or repair is not economically feasible or if the securiry of this Mortgage would
<br /> , � be impaired, the inaurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid
<br /> to Borrower. If the Propeny is abandoned by Bonower, or if Borrower fails to respond to L.ender within 30 days from the
<br /> date aotice is mailed by Lender to Borrower that the insurance cazrier ofteis to settle a claim for insurance benefits, Lender
<br /> � is auffiorized to wltect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property
<br /> or W the sums secured by this Mortgage.
<br /> Unless L.ender and Borrower otherwisc agree in writing, any such application of proceeds to principal shall not exiend
<br /> or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
<br /> � such installments. If under paragraph t8 hereaf tl�e Property is acquired by I,ender, all right, title and interest of Horrower
<br /> ia and to any insurance policies aad in and to the proceeds thereof resulting from damage to the Property prior to the sale
<br /> or acquisition shall pass to L.e¢der to the extent of the sums secured by this Mortguge immediately prior to such sale or
<br /> s acquisition.
<br /> .�. �j 6. Preservadon and Maintenance of Property; I,caseholds; Condominiums; Plsnned Unit Developments. Borrower
<br /> } shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property
<br /> , � aod shall comply with the provisions of any Iease if this Mortgage is on a leaseho�d. If this Mortgage is on a imit in a
<br /> q condominium or a planaed unit development, Borrower shall perform all of Borrower's obligations under the declaration
<br /> � or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the
<br /> � condaminium or planned unit development, and consdwent documents. If a conJominium or planned unit development
<br /> rider u executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider
<br /> shalt be incotporated into and shall amend and supplement the covenants and agreements of this Mongage as if the rider " `-
<br /> were a part hcreof.
<br />�: � 7 ProtecNon of I.ender's Secnrity. If Borrower fails to perform the covenants and agreements contained in this �
<br /> Mottigage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property,
<br /> inCluding, but not ]imited to, eminent domain, insolvenay, code enforcement, or arrangemmts or proceedings involving a
<br /> bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appeazances, disburse such
<br />,., .� sums and take such action as ia neces.sary to protect Lender's interest, including, but not limited to, disbursement of
<br />��•: h reasonable attorney's feea and entry upon the Property to make repairs. If Lender required mortgage insurance as a
<br /> i,;:a aondition of makiug the loan secuted by this Moctgage, Borrower shall pay the pcemiums required to maintain such
<br />�;; . ' i inaurance in effect until such wne as the nequirement for such insurance terminates in accordance with Borrower's and
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